Chevron Expands Gas Portfolio Amid Middle East Crisis

Chevron is expanding its global gas portfolio to meet growing demand from buyers concerned about energy security due to the crisis in the Middle East, according to Freeman Shaheen, Global Gas president.

The company is looking to establish new gas hubs in various regions, including Argentina and the Mediterranean. This move comes after two major disruptions in the global gas market in the past four years - the Ukraine war in 2022 and the Iran conflict this year.

The crisis has led to a shortage of liquefied natural gas (LNG) supplies from top producers Russia and Qatar, driving prices higher. Shaheen emphasized the need for diversity in supply and contracting structures to mitigate such disruptions in the future.